Your friend invents a gambling game and challenges you to play it. He explains the game, and you compute the expected value of your winnings to be $.01. What does this number mean? A.) You should play the game, because you expect to win about a penny per game, in the long run. B.) You should avoid the game, because you expect to lose about a penny per game, in the long run. C.) You should play the game, because you are guaranteed to win a penny per game. D.) You should avoid the game, because you are guaranteed to lose a penny per game.
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
Your friend invents a gambling game and challenges you to play it. He explains the game, and you compute the
A.) You should play the game, because you expect to win about a penny per game, in the long run.
B.) You should avoid the game, because you expect to lose about a penny per game, in the long run.
C.) You should play the game, because you are guaranteed to win a penny per game.
D.) You should avoid the game, because you are guaranteed to lose a penny per game.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
